Weekly Market Commentary | 10.06 – 16.06

By Tomasz Wisniewski|

Published: June 10 2024, 07:52 GMT+0

Weekly Market Commentary | 10.06 – 16.06

Curious to know what’s happening on the markets this week? Take a quick tour of the latest news, economic updates, and trading setups that will keep you up-to-date and in the know!


  • Monday starts quietly with no major tier one data on the calendar, allowing traders to catch their breath after a busy previous week.


  • Tuesday begins to warm up the week with Claimant Count Change from the UK, expected at 10.2 thousand.
  • Additionally, we’ll see the Average Earnings Index from the UK, anticipated to be 5.7%. These data points will provide insights into the UK labor market and wage growth.


  • Wednesday promises to be action-packed with several crucial data releases.
  • First, we have CPI inflation from China, expected at 0.4%.
  • The UK will release its GDP data, forecasted to be 0%, a critical indicator of the country’s economic health.
  • The US will also be in focus with its inflation data, projected to remain steady at 3.4% year-over-year.
  • The day culminates with the US interest rate decision after the American session, where rates are expected to hold at 5.5%. The accompanying statement and Fed press conference will be closely scrutinized for future monetary policy signals.


  • Thursday will likely involve markets digesting the outcomes of Wednesday’s events, but it also brings significant data.
  • From Australia, we’ll get job data with an employment change forecast of 30,000 and an unemployment rate expected to drop to 4%.
  • The US will release its PPI data, expected at 0.1%, alongside the usual unemployment claims figures.


  • The week concludes with the interest rate decision from Japan, where no change is expected.
  • We’ll also see the preliminary University of Michigan Consumer Sentiment, expected at 73, providing insights into consumer confidence and spending outlooks.


Setups for This Week:



Primary View

  • The new week opens with EUR/GBP hitting new long-term lows.
  • The pair has broken out to the downside from the descending triangle pattern marked with green, which signals a sell.

Alternative View

  • A price move back above the green horizontal resistance would indicate a buy signal.


Primary View

  • NZD/JPY has formed a head and shoulders pattern marked with yellow.
  • The pair is currently hovering above the neckline marked with green. A breakout below this level will signal a sell.

Alternative View

  • If the price bounces off the green support to the upside, it will signal a buy.


Primary View

  • Gold has created a head and shoulders pattern marked with yellow.
  • The price has already broken the neckline marked with a green line. As long as it stays below this neckline, it signals a sell.

Alternative View

  • A move back above the green resistance will indicate a signal to go long.

Source: https://www.axiory.com/analytics/weekly-market-commentary/weekly-market-commentary-10-06-16-06